Manchester Quays is part of Allied London (pictured), a UK property development company led by Michael Ingall.
Octopus Real Estate will provideManchester Quays with a£8.52m refinancefacilityon a commercial development schemeat Enterprise City in ManchesterCityCentre.
Manchester Quays is part of Allied London (pictured), a UK property development company led by Michael Ingall. The 18-month loan is secured against two adjacent sites, part of a 950,000 sq ft second phase of Enterprise City.
Ludo Mackenzie, head ofcommercialatOctopusReal Estate, said: “This is the first time we’ve worked with Allied London and it’s an exciting scheme to be involved in.
“It’s located nearSpinningfields,one of Europe’s leading urban development projects also developed by Allied London.
“This scheme will create greatopportunities for businessesneedinghigh quality office space inthe heart of a Northern Powerhouse.”
MichaelIngall,founder of Enterprise City,Manchester Quays andchief executive of Allied London, added: “This is good business for us, Octopus Real Estate is providing financewhichenablesflexibilityas to how and when we secure longer term development finance on this important next phase of Enterprise City.
“Iam confident this will form the basis for future financial partnerships going forward.”
Due for practical completion in 2021,one site has planning consent foran 86,600sq ftoffice building with a basement, ground and eight upper floors.
Manchester Quays is seeking amended planning consent for the second site, to change it from a 287-unit residential tower and 110-key hotel, to a 350,000 sq ft officeand leisuretower.
Enterprise City is within aprime, high profile locationon the west side of Manchestercitycentre.It forms part of a13.5-acre development known as St John’s,amedia,techandcreative cluster,delivered on the former site of ITV Granada Studios.
Jonathan Monnickendam of Development Debt Consultancy acted as the adviser on behalf of the borrower.